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REGULAR MEETING
<br />MAY 28, 1985
<br />WHEREAS, Mill Race, an Indiana limited partnership, ( "Company ") proposes to acquire,
<br />and construct economic development facilities in South Bend, Indiana as defined in the
<br />Act if the City will finance costs of such economic development facilities pursuant to
<br />the Act; and
<br />WHEREAS, the South Bend Economic Development Commission has received an application
<br />by the Company for the issuance of City of South Bend Industrial Development Revenue
<br />Bonds in the approximate principal amount of not to exceed Twenty Million and no /100
<br />Dollars ($20,000,000.00), with the terms of repayment to be determined by market
<br />conditions at the time the bonds are sold; and
<br />WHEREAS, the proceeds of the bonds will be used by the Company to acquire, and
<br />construct facilities for use as a multi - family housing facility located along the East
<br />Race of the St. Joseph River between Washington and Colfax Street, East Bank Development
<br />Area parcels 3 -3 and 3 -4, South Bend, Indiana, which facility will result initially in
<br />approximately eighty -four (84) new full -time jobs with an annual payroll of approximately
<br />Eight Hundred Forty Thousand Dollars ($840,000.00).
<br />NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves as
<br />follows:
<br />1. The project constitutes economic development facilities which shall be financed
<br />by the City through the issuance of revenue bonds pursuant to the Act and the City is
<br />willing, upon compliance with all provisions of Indiana law, to authorize approximately
<br />Twenty Million and no /100 Dollars ($20,000,000.00) of its revenue bonds, which bonds will
<br />not be general obligations of the City but will be payable solely from the limited
<br />sources authorized and permitted by the Act.
<br />2. The proposed financing will be of benefit to the economic welfare of the City and
<br />will comply with the purposes and provisions of the Act, and the proposed facility shall
<br />not have an adverse competitive effect on other similar facilities in the City.
<br />3. The Company may proceed with acquisition and construction of the economic
<br />development facility in reliance upon this resolution.
<br />4. That the liability and obligation of the South Bend Economic Development
<br />Commission, the South Bend Common Council and the City of South Bend, Indiana, shall be
<br />limited solely to the good faith efforts to consummate such proceedings and issue such
<br />Bonds, and the South Bend Economic Development Commission and the City of South Bend,
<br />Indiana, their officers and agents, shall not incur any liability if for any reason the
<br />proposed issuance of such Bonds is not consummated.
<br />This Inducement Resolution shall be in full force and effect from and after its
<br />adoption by the Common Council and approval by the Mayor.
<br />/s/ Beverlie J. Beck
<br />Member of the Common Council
<br />A public hearing was held on the resolution at this time. Kenneth Fedder, attorney for
<br />the Economic Development Commission, indicated the petitioners planned to construct a 17
<br />story multi - family housing facility. He indicated they anticipated 84 new jobs will be
<br />created. Council Member Voorde made a motion to adopt this resolution, seconded by
<br />Council Member Puzzello. The resolution was adopted by a roll call vote of nine ayes.
<br />RESOLUTION NO. 1295 -85
<br />AN INDUCEMENT RESOLUTION RELATING TO THE EAST RACE HOUSING
<br />PROJECT.
<br />WHEREAS, pursuant to IC 18- 6 -4.5, the Common Council of the City of South Bend,
<br />Indiana created the South Bend Economic Development Commission, which Commission,
<br />following an investigation and survey, has determined that a need exists in the community
<br />for additional job opportunities and commercial and job opportunities, commercial
<br />diversification, and the general welfare of the community, a financing agreement should
<br />be entered into with T. Brooks Brademas, or his assigns, relating to a project to be
<br />known as the "East Race Housing Project "; and
<br />WHEREAS, T. Brooks Brademas proposes to acquire a parcel of real estate located on
<br />Niles Avenue in South Bend, St. Joseph County, Indiana, and to acquire and rehabilitate
<br />buildings thereon, consisting of some 50,000 square feet; and,
<br />WHEREAS, to induce T. Brooks Brademas, or his assigns, to become the principal user
<br />of such Economic Development Facilities, the South Bend Common Council desires to adopt
<br />this resolution; and
<br />WHEREAS, it is apparent that the development of the East Race Housing Project will
<br />increase job opportunities and commercial diversification in St. Joseph County, Indiana,
<br />resulting in benefit to the welfare of the public in the City of South Bend and in St.
<br />Joseph County, Indiana.
<br />NOW, THEREFORE, BE IT RESOLVED by the Common Council as follows:
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